Year of the snake good news for world economy

From this weekend, Asia's economic powerhouse - China - will shut down for more than a week so the whole country can celebrate the Spring Festival. Tomorrow night is New Year's Eve and there'll be plenty of fireworks and food on hand as a quarter of the world's population welcomes in the year of the snake. Every Chinese zodiac has its own characteristics and some are predicting that the snake year could actually bring about a turnaround in the world economy.

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TONY EASTLEY: From this weekend Asia's economic powerhouse - China - will shut down for more than a week so the whole country can celebrate the Spring Festival.

Tomorrow night is New Year's Eve and there'll be plenty of fireworks and food on hand as a quarter of the world's population welcomes in the year of the snake.

Every Chinese zodiac has its own characteristics and some are predicting that the snake year could actually bring about a turnaround in the world economy.

China correspondent Stephen McDonell reports.

(Sounds from a train station)

STEPHEN MCDONELL: Outside every Chinese train station the passengers are pouring in and out.

Millions of people are on the move, racing back to their home towns in time for Saturday night's New Year's Eve.

Many of China's poorest workers who've had to travel to find employment are already home enjoying the one time of year that they can spend with their loved ones.

(Sound of fireworks)

Ringing in the year of snake means many things: it's a time for fireworks, fish, dumplings, flowers, tea and getting together with those who are close to you.

And like the coming of the new year in other cultures there's always plenty of hope that the next 12 months will bring good fortune for friends and family.

Fengshui Master Guan Zuowei says this time round there is some cause for optimism.

(Sound of Guan Zuowei speaking)

"The year of the snake will have an atmosphere that can transform someone's fate," he says," so people can seize this opportunity to do great work this year."

He even tells us that a country like Australia can have confidence as a nation in the year to come.

(Sound of Guan Zuowei speaking)

"For a country it's a year when luck turns in its favour," he says. "In 2012 we met many disasters but in 2013 luck will turn good with economic development becoming prosperous and stable."

As a snake year person myself this correspondent would normally have to wear something red every day over the coming 12 months to ward off bad luck. But as this is the year of the water snake apparently that changes to wearing something blue.

So shopkeeper Chuan Hui sells me a little blue amulet.

(Sound of Chuan Hui speaking)

"It's the end of one year and the beginning of another," she says. "So everyone wants some good luck. Many people come to my shop to buy a talisman for good fortune."

Naturally plenty of people here don't really believe in Chinese astrology but still hang on to these rituals for cultural reasons.

Either way, the celebrations this weekend will be big.

Fireworks, check; strong alcohol, check; gifts for the rellies, check. Now get ready for the year of the snake.